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GBPCHF Weekly Forex Forecast 11th November to 17th November by yshashmi37 on TradingView.com
Midterm forecast:
While the price is below the resistance 1.3155, beginning of downtrend is expected.
We make sure when the support at 1.2865 breaks.
If the resistance at 1.3155 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 1.31145 on 2018-10-12 and the peak at 1.3171 on 2018-11-08, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 1.3170 on 11/08/2018, so more losses to support(s) 1.3000 and minimum to Major Support (1.2865) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 56.
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